Commodities

Stocks fall as metals drag on easing supply concerns

Reuters Bengaluru | Updated on October 20, 2021

Base and industrial metal prices have rallied in the past few days on concerns over supply disruptions

Shares edged down on Wednesday, dragged mostly by metal stocks as China’s pledge tobring down coal prices eased worries about supply disruptions.

The NSE Nifty 50 index was down 0.5 per cent at 18,330, while the S&P BSE Sensex fell 0.4 per cent to 61,502.16 by 0355 GMT.

The Nifty metals index was the top loser among indexes, falling 2.4 per cent. Base and industrial metal prices have rallied in the past few days on concerns over supply disruptions due to higher energy costs.

Also see: Copper set to rule around $10,000 a tonne in the short-term

China’s State planner said on Tuesday it was studying ways of intervening in high coal prices and would take all necessary measures to bring them back to a reasonable range.

Meanwhile, the International Monetary Fund on Tuesday cut Asia’s growth forecast and warned of supply chain risks even as it kept India’s growth forecast at 9.5 per cent.

Published on October 20, 2021

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